Mary Cummins, Real Estate Appraiser, Real Estate Appraisal, Los Angeles, California, Mary Cummins.

Mary Cummins is a real estate appraiser in Los Angeles, California with 38+ years of experience. Cummins provides real estate appraisals for banks, lenders, mortgage brokers, Appraisal Management Companies (AMCs), lawyers, Courts, factors and private parties for lending, lawsuits, probate, estate planning, divorce and all types of litigation. Cummins provides 1004, 1073, 1025 and other form reports, narrative reports and historical appraisals besides real estate research and appraisal advice.

Showing posts with label palisades fire. Show all posts

Friday, February 28, 2025

Pacific Palisades fire burn area lot clearing, demolition and cleanup by Mary Cummins real estate appraiser

Mary Cummins in front of one of the first cleared lots in Pacific Palisades after the Palisades fire. mary cummins, real estate appraiser, real estate appraisal, los angeles, california, palisades fire, fire, solar, gelsons, pch, demolition, clearing, epa,

I was in Pacific Palisades again today. I saw the first cleared lots in the flats. They dug out two feet of soil and the foundation so I believe it was most likely a private party clearing and not the EPA, US Army Corps of Engineers or local government. All of the removal companies I saw working today were private parties. It takes about a week or so to clear each lot. The government said they'd only removed top six inches of soil and wouldn't test the soil for toxic materials. There will be a lot of toxic materials in this debris from plastic, fiberglass, asbestos, lithium batteries, lead, heavy metals, melted construction materials, incinerated cars and more. It will be kicking up in the air for a long time. Wear a mask.

I noticed the only people with real power had solar. The others hired huge professional generators which they gated and locked up. Makes sense otherwise you have no security and no one is living in the surviving homes. I saw a few surviving homes that were boarded up for security reasons and some were fully gated. They were not destroyed. In the main burn areas all of the power lines were burned and had to be removed, see photo below. Imagine having to basically rebuild the entire city including all utilities. It's a huge undertaking.

I visited 18860 Pacific Coast Highway PCH. This newer fire resistant home survived the fire while the neighbors burned down. He has a huge generator running. His neighbors burned down and may not be able to be rebuilt because of new construction regulations, tide levels and land erosion. These people probably didn't have mortgages because you can't get mortgages in some of those areas because of fires, erosion, sea levels, storm surge and tidal levels.

World Central Kitchen is no longer providing free food in Palisades or Altadena. They stopped the service at the same time in both places. I didn't end up eating lunch because it's boycott day. There were a lot of food trucks at the same WCK location. Gelsons is obviously gone and won't be rebuilt for a long time. Vons at Sunset and PCH is open and should be restocked by now. Still, it's no Gelsons. That was a great store. Thankfully the hardware store survived.

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin

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Mary Cummins

Mary Cummins of Cummins Real Estate Services has been in real estate since 1983, over 35 years. She is licensed by the Bureau of Real Estate Appraisers. Mary Cummins was an agent and broker licensed with the California Department of Real Estate selling residential income, commercial buildings, raw land and homes for Merrill Lynch Realty in Beverly Hills and Westside Properties in Los Angeles before concentrating on appraisals. Mary Cummins currently provides real estate appraisals, expert witness testimony, historical research, legal real estate research for mortgage brokers, banks, lawyers, factors, insurance companies, financial consultants and private individuals. Mary Cummins was born and raised in Southern California. Cummins attended Beverly Hills Good Shepherd Catholic School and Beverly Hills High School. Besides being on the Dean's list, Mary Cummins was a top ten national swimmer and competed on the men's water polo team. Mary Cummins began college at the age of 15 attending the University of Southern California on scholarship, majoring in Psychology/Sociology. http://www.animaladvocates.us http://www.facebook.com/AnimalAdvocatesUSA

Monday, February 24, 2025

Recreating Burned Destroyed Homes on Paper for Real Estate Appraisals by Mary Cummins

mary cummins, post fire appraisal, real estate appraiser, real estate appraisal, los angeles, california, eaton fire, palisades fire, altadena, pacific palisades, disaster appraisal

When doing post fire appraisal inspections the appraiser has to recreate the destroyed home on paper. I do this by measuring the remaining footings or partial walls. I then reconcile these measurements with building permits, Google satellite image map measurements and recorded plans if available. It's important to be able to tell the difference between a home footing and the base of another type of structure such as a patio. I use an iPhone and Leica Disto. The below measurements were taken by my iPhone because I can take a photo of my measurements. I can't do that with my Disto.

Here's an old article I wrote about using Google maps to measure buildings. I use a measuring device but will also use Google maps to cross reference and reconcile measurements of destroyed buildings. Remember that not all structures and roofs are the actual home. There are patios, porches, sheds, garages, carports...
https://mary--cummins.blogspot.com/2016/03/using-google-maps-to-get-rough-building.html

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Mary Cummins

Sunday, February 23, 2025

Why You Need a Post Fire Real Estate Appraisal by Mary Cummins Real Estate Appraiser

Mary Cummins, post-fire appraisals, real estate appraiser, altadena, pacific palisades, eaton fire, palisades fire, los angeles, california, appraisal, pre-fire appraisal

The purpose of a post-fire real estate appraisal is to determine the exact pre and post-fire values of your property so you can make informed decisions. These values are needed for a variety of reasons. The reasons range from investment decisions, calculating an IRS casualty loss for your taxes, negotiating with your insurance adjuster, property tax appeal and evidence for a lawsuit. Below are just a few more reasons why you need a post-fire appraisal

Investment decisions to sell or rebuild
Pre listing market analysis
IRS casualty loss
Insurance settlement
Evidence for lawsuit
Property tax appeal
Short pay mortgage
Buy out family member

The process begins with a physical inspection of the property to determine fire damage, specific location in the neighborhood and the view from the site. Some properties may only have interior smoke/ash damage, exterior soot staining, damage from heat while others are totally destroyed. Some damage can be remediated while other properties must be completely rebuilt.

The next stage is the collection of all relevant data. Homes that have been completely destroyed will need forensic reconstruction to determine size, construction type and quality. This data includes pre-fire satellite map images, previous MLS listings, Building and Safety Department records, recorded building plans, old photos of structures and looking at the property footings. The appraiser also searches all public records and MLS databases for comparable land and homes which have sold or are/were active listings before and after the fires.

After all the data is collected the appraiser writes a full appraisal report with exhibits, photos, plans, permits with detailed research and analysis. The appraiser then determines the value based on the cost to replace the structure and/or remediate damages. The appraiser also determines what the property would have sold for the day before the fires and in it’s current condition after the fires.

Order your post-fire appraisal today. The cost starts at $450 for average sized home but can be more for larger more complex properties. The process takes a week from time of inspection. We already have contractor permits to enter Pacific Palisades and Altadena fire zones as we've been doing these appraisals for the last month. Mary Cummins has been doing post-fire appraisals for over 20 years and has been a licensed certified insured appraiser for over 40 years in Los Angeles County, California. The appraisal should be ordered before the debris is removed.

#marycummins #realestateappraiser #realestateappraisal #prefireappraisal #postfireappraisal #eatonfire #palisadesfire #altadena #pacificpalisades #losangeles #california #fireappraisal #fireinspection #home #house #valuation #land

*****

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Mary Cummins

Wednesday, February 19, 2025

Appraisal of Fire Damaged or Destroyed Properties for Insurance Purposes by Appraisal Institute by Mary Cummins

Attended the Appraisal of Fire Damaged or Destroyed Properties for Insurance Purposes webinar given by Charles Baker, SRA, AI-RRS with the Appraisal Institute. Webinar description: "The urban fires which swept through much of Los Angeles recently have resulted in significant losses of life and property. Economic loss estimates are in the range of $135 to $150 billion but could easily go higher. It is estimated that around 10,000 structures have been destroyed. In the wake of these fires there will be a huge need for timely, accurate, and professionally prepared real estate appraisals for insurance purposes. The Southern California Chapter of the Appraisal Institute will present a two-hour webinar addressing this topic. The webinar will provide participants with vital information on the appraisal process."

Really good class covering important issues related to post fire appraisals. Charles included a few case studies which were really informative. #charlesbaker #appraisalinstitute #postfireappraisal #marycummins #realestateappraiser #fireappraisal #realestateappraisal #insurance #casualtyloss I included first six slides. Slide deck will be available at Appraisal Institute.

Fire appraisals are basically just regular appraisals with more of a concentration on cost approach if the building has been destroyed. If the home has been totally destroyed, forensic analysis is needed to "reconstruct" the building. You can use original plans, old photos, MLS listings, old satellite images, Google street view, Bing satellite maps, Building and Safety records and other sources to reconstruct the building. Then you reconcile the sales comparison, cost approaches and income approach if appropriate for the final pre-fire, post-fire, cost to replace or whatever value was requested.

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Mary Cummins

Monday, February 10, 2025

Pending Burned Home Land Sales Palisades $999,000 by Mary Cummins Real Estate Appraiser

UPDATE: 03/12/2025 Article about the sale which goes into more detail.

"Solomany's client was able to see the property during a 15-day escrow. The plan is to build a new house that the investor can either sell or eventually move into, although it may be a while before construction starts.

Investors like the one Solamany represents are betting that in five to seven years, demand to live in the Palisades will be stronger than before the fires. They believe new fire-hardened homes and infrastructure will convince potential buyers it’s less risky now."

https://laist.com/news/housing-homelessness/how-do-you-sell-a-home-thats-burned-down

UPDATE: Just sold $1,185,000 53% of Zillow AVM value or about 79% of pre fire land value. Another pending sale in the Palisades at 17126 Avenida de la Herradura. Zillow said it was worth $2.2M. It was just listed at $999,000 which is less than half. If it were worth $2.2M, land is about 60-70% total value in this area or $1,500,000. This means it was listed at 66% of land value or 34% reduction of just land value. This makes sense but let's first see if it closes at $999K. Anyone selling today should expect 20% reduction in price for all cash sale. No one can get a loan in this area today. There are also costs to fully demolish and remove debris. It will take maybe 12-18 months to get utilities, do soil toxicity tests and start to get permit approvals. There are no utilities to the area at the moment. Only developers can afford to buy these properties. They need to see 20% profit after all expenses including holding costs. Whoever eventually buys the finished home may have issues getting fire insurance and a mortgage. I'll be doing statistics on pre post fire values for Palisades and maybe Altadena.

From the current MLS ad. "This piece of land, located in the highly sought-after Palisades Highlands area, offers a rare opportunity to create your dream property. While the land has been impacted by the recent Palisades fire, it presents a blank canvas for visionary buyers ready to reimagine its potential. Seller is looking for serious offers only so they can move on with their lives. With its unparalleled location and proximity to natural beauty, this property is ideal for those with the foresight to invest in and restore a prized piece of Los Angeles real estate. Don't miss the chance to bring new life to this remarkable location. Serious inquiries only, please."

Previous listing from 2005

Zillow chart. It's meaningless but fun to look at. Zestimate uses old asking list price as determinations of value. Doesn't matter if it doesn't sell at that price. It uses it as a base and adds appreciation to that value. That's where Zillow got $2.2M. It could have been worth more. The Zestimate is down now because of the new list price not because Zillow changed the value or algorithm.

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Mary Cummins

Sunday, February 9, 2025

Fire Sale: Home Destroyed by Palisades Fire Now 70% Of, by Mary Cummins Real Estate Appraiser

The Pacific Palisades fire in Los Angeles, California has definitely affected property values. 14800 Mc Kendree was listed for $9,495,000 until the fire hit. After the fire February 7, 2025 and the home was destroyed it was relisted as raw land for $2,895,000. That's an almost 70% discount. Normally land value is 60-70% of total value in this area. Real AVM says it's worth $9.4M because it was listed for that. That means land was maybe worth $6.5M. It's now for sale for less than 50% of alleged land value. He owes $4.5M on the home. Property taxes are $90,000/year. I don't blame the guy for selling. I would too.

Part of the discount is because the debris must still be demolished and removed. One has to do toxicity tests on the soil before rebuilding. There are no utilities with no date for when utilities will return. Even the foundation may be destroyed from heat and need to be dug up. The permit process will take a long time as will the building process. The sale and construction will probably have to be all cash. Generally an all cash deal is about a 20% discount. If only a developer can buy the property, that's another 20% discount because they must have profit after all costs including holding costs. This sale prices makes sense.

Whoever owned the home still has to pay the mortgage. If they wanted to rebuild, they'd also have to pay for a construction loan which I doubt they'd get. They'd most likely have to pay all cash for construction. Only developers can afford to take on these huge expenses and holding costs. Even after the home is built fire insurance will be a big expensive issue. The area and home will still have stigma from the fires. I predict it will be a while before the home prices in the area return to pre fire values.

Before fire listing until January 25, 2025. "Welcome to the peaceful luxury that is 14800 Mc Kendree Avenue, ideally located above the coveted alphabet streets and a short walk to the Palisades village teeming with high-end shopping, dining and movie theater. This property is the perfect retreat you've been waiting for, a traditional showpiece that boasts 7400 square feet with 6 bedrooms and 7 baths. Step inside the front door, and pause to take in the dramatic sweeping views of the pacific coastline and Catalina Island. The home is as much an escape from the city for family and friends as it is an entertainers paradise. "

After fire listing February 7, 2025. "BE PART OF THE REBUILD. This highly desirable 7692 square foot street-to-street lot sits above the Palisades Village with sweeping ocean views. This is an opportunity to rebuild the beautiful 7400 square foot home that sat here plus an additional 10% square footage for a current buildable maximum of 8140 square feet. The lot comes with the original plans for the house, which would govern the rebuild, along with limitless potential for the visionary buyer.This is a rare chance to invest in the beloved Palisades, which will again become one of the most close-knit and sought after communities in all of Los Angeles. EPA Phase I is complete for this lot as of 2/5/25.Serious offers only."

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Mary Cummins

Saturday, February 8, 2025

Fire Risk Map for Los Angeles and California by Mary Cummins Real Estate Appraiser

Here is the wildfire risk map for Los Angeles County area. You can see the Palisades fire was in a high risk wildfire zone. Parts of Altadena, Pasadena were higher risk. You will probably need wildfire insurance in these areas. #firerisk #wildfirezone #marycummins #realestateappraiser #realestateappraisal #losangeles #california

https://experience.arcgis.com/experience/03beab8511814e79a0e4eabf0d3e7247/

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Mary Cummins

Wednesday, February 5, 2025

Photos of Homes in Palisades Fire zone by Mary Cummins Real Estate Appraiser

Was in the Palisades fire zone and took a few photos. Getty Villa museum has some burned fences, trees and bushes. There's a mudslide, landslide at Will Rogers park. Vons is now open near Sunset/PCH. PCH closed at Entrada. I obviously had a permit to enter. National Guard is still providing security for the homes. Military barracks, tents still set up near the beach. Utilities are trying to restore power on PCH. EPA is clearing hazardous debris. Flat beds removing burned cars. Most homes have been inspected for bodies and have been red, yellow or green tagged. Some streets are still not passable as burned homes fell down the hillsides onto the road.

If you live in a wildfire area, don't use vinyl fences, windows, gutters or downspouts. Make sure you have double pane tempered glass in metal windows only in your home. Make sure garage windows are glass. Do not use plastic skylights and tubes. Do not use wood fences. Use metal.

None of these photos are of clients' properties.